Wells Fargo is joining the other U.S. banks that now give low down mortgage payments, offering home loans of up to $417,000 with a three percent down payment.
Loan takers will need good credit (FICO scores of 620 and higher) to be eligible for a loan, but Wells Fargo is allowing people with higher debt loads the chance to take out a loan now. It is also taking into account nontraditional sources of credit (rent and utility bills, for instance) to assist with establishing credit history as well as other household member’s incomes.
Overall this is a great opportunity and hopefully something that other banks take into account!
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